So I just bought a new home and the 'hidden' costs of homeownership are really starting to add up. Taxes, utilities, association dues, etc...

I find that after my $1600 Turbo payment & my housing & other budgeted expenses that I have very little 'leisure' money left at the end of the month and literally no money left to put in my investment accounts.

I did some hard thinking today - I love, I mean LOVE my Turbo and it would kill me to get rid of it. So I was wondering what I could do to get my car payment down to under $1K per month. Refinancing a car just seems silly to me, plus I'd never be able to match my current APR of 4.5%. So I thought about buying another less expensive 911, but I know that after having the Turbo that I could never step down (power wise, I mean).

Finally it popped in my mind - what about the Cayenne Turbo. Fully loaded preowned '04 models are available for sub-$1000 lease payments. This would give me a little extra spending cash every month and I'd still have a Turbo (of sorts).

What do you guys think? I know the smart thing would be to give up the Porsche and get a more sensible car payment in the $400-$600 range, but I kinda don't like that option.

Is there another performance vehicle in the $1000 monthly payment range that has the fun, reliability, and daily drivability of the Turbo?

TIA!!

 

Honestly I would suggest you give up the turbo and as you said get sensible car payment in the $400-$600 range just temporarily and when everything gets better get what ever car you want.

 

That's a really tough decision...speaking purely objectively, of course, the wise financial decision would be to sell the turbo and get a practical car for a $400-600/mo payment. But it all depends on your priorities and how you see your future financial prospects.
If you're at the point in your life where you have plenty of money already invested and are set in that aspect, then spending $1600/mo on a luxury item isn't a big deal, but if you're not and you're unable to put aside any money because of your car payment then I think you have to temporarily delay gratification (having the car you want).

Dunno man, it's a tough choice...you have to weigh the pleasure you derive from the turbo against the utility of saving/investing that extra $1k/mo. Oh, and you didn't mention if the lease payments would be advantageous to you at tax time (partly deductible as a biz expense or what not). Are you currently leasing or financing the TT?

 

I am currently purchasing my Turbo for $1600/mo. I have about 4 years left in my term, and I currently have $10,000 of positive equity.

Although I am a business owner, I have never had success running cars through the business for purposes of a tax deduction, so that's not a consideration. I only consider leases because of their lower payments and easy exit at the end of the term.

My financial position will certainly improve as time goes on, as my business is already growing and it's practically debt free except for 1 piece of equipment. I think this squeeze I'm in right now will ease over the next year, but if I don't lower my spending it will certainly be a tough one.

I think I might just sit tight at least for a couple months and see how it's going then - no sense in jumping ship at the first sign of trouble.

 

what year Turbo?

 

Hey Ryan I think it will be hard to find a cayenne turbo under 1000. Are you referring to used. I just ran numbers on leasecompare and a car that lists at 96 assuming a 10k discount the payment comes to 1299 plust ax with 15k miles.

 

Controlit - it's a 2001 TIP, with $13K of factory options & another $13K of aftermarket stuff. My figure of $10K positive equity assumes that I can recoup about $10K of the $26K in extra options & upgrades.

Duane - Yes I am referring to used CTs. I have seen what seems to be a ridiculous number of preowned '04s already on Ebay & AutoTrader. The used '04s are selling around $77-$82 private party & around $85-$90 dealer.

 

Silly question here, not directly related, but I didn't know it was possible to lease a used car. How does that work?

 

Many dealers are able to lease used cars. I'm sure if you talk to the Finance Manager at your local dealership, they can hook you up with something for a vehicle that is for sale by a private party.